7 Benefits of Student Forex Cards When Studying Abroad

Studying abroad is a unique experience and requires a lot of preparation by both parents and students. Students have many concerns but their main concern is the cost of living and how will they transact in a foreign land. Handling finance abroad is a task and can be very intimidating. Forex cards have come to the rescue of students and have made day to day transactions easy.

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A forex card is issued by a bank and is specially designed to cater to the need and requirements of students. Seek Consultants are the Best Education Consultants in Delhi and guide students on which forex card to go for depending on their country of study.

Here are some benefits of forex cards:

  1.  IDENTITY CARD: The main benefit of forex card is that it serves as a proof of identity and eliminates the need to carry other documents like identity proof. Forex cards have worldwide acceptability and students can very well flash their forex cards if someone asks for identity proof. 
  1. DISCOUNTS: Students are already burdened with a lot of costs. Most of the forex card issuers have tie-ups with brands enabling students to purchase books and food, shop and do leisure activities at discounted prices. Also, students can save a bunch of money on their accommodation. Major forex card issuers have tie-ups with over 40,000 brands in over 130 countries.
  1. CURRENCIES: US dollar, Euro, and Great Britain Pound are the most common exchange currencies. The student can load their forex card with any of these currencies and can use it anywhere around the world. 
  1. INSURANCE COVER: The forex card provides benefits such as insurance cover of up to INR 500,000 against card misuse, air accident insurance cover of up to INR 2,500,000, loss of personal documents and belongings insurance up to INR 50,000, and insurance cover of up to 20,000 for loss of checked-in baggage. 
  1. SAFEGUARDS STUDENTS FROM CURRENCY FLUCTUATIONS: The currency loaded in the forex card is locked at a fixed exchange rate. This basically means that the transactions won’t be affected by the rise and fall of exchange rates. 
  1. ADD MONEY ANYWHERE: The need for money can arise anytime; therefore, students have the option to load money in their forex card with the help of net banking facility provided by the issuer. Mobile banking can also be used for reloading the forex card. 
  1. SECURITY: All forex cards have an embedded chip which is responsible for communicating with the outside world and storing your transactional data in encrypted form. This makes a forex card very safe and secure to use. In case your card is lost, all you have to do is report the same to the bank and they will promptly block your card so that no one can misuse it. 

Seek Consultants are one of the best Student Visa Consultants in Delhi and they always guide students on these aspects. Issuance fees, reload fees, reissue card fee, cross-currency charges, reissue ATM pin fee, and balance inquiry fees are levied by banks. Different banks have different rates but most of them are very close to each other.

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